Getting ready for the dollar’s fall

August 20, 2009

Agnes Crane It just won’t go away, this needling worry about the U.S. dollar losing its coveted top-dog status.

No matter that there are plenty of reasonable arguments to support the dollar as the world reserve currency — namely there’s just no alternative — for perhaps decades to come.

Yet, in a world where once-rock-solid assumptions quickly turn to dust, investors should keep an eye on the dollar since changing perceptions are chipping away at its cherished status as currency to the world.

Much of the debate so far this year has centered on creating an alternative to the U.S. dollar, championed by China and Russia as a way to wean the world off its dependence on the U.S. as well as buffer individual nations against the missteps of those in developed world. Most recognize creating a new currency will take years and the chances of an existing currency, like the yuan, usurping the dollar anytime soon are remote.

But that doesn’t mean big money isn’t starting to prepare for world in which the buck isn’t the currency of choice.

Curtis Mewbourne, a portfolio manager at PIMCO, has suggested that investors diversify away from the dollar and to move into other currencies, especially those in emerging markets.

“And while we have not yet reached the point where a new global reserve currency will arise, we are clearly seeing a loss of status for the U.S. dollar as a store of value even in the absence of a single viable alternative,” he wrote in an article published on PIMCO’s website.

Notwithstanding its big bounce during the financial maelstrom last year, the dollar has been on downward trajectory for most of this decade. The U.S. dollar index, which currently stands around 78, once traded well above 100. In the early days of the dollar’s decline, currency traders worried about general diversification where central banks with big dollar reserves would begin to shave off a small portion of their holdings and exchange them for something else like euros.

The financial crisis, however, woke the world up to just how vulnerable those squirreling away dollars — like China and Russia — were to the fortunes of the United States. The bulk of the world’s currency reserves are in dollars, with the euro still a distant second. Foreign central banks, however, could hardly start selling dollar-denominated assets to limit their exposure because such sales would cause prices on their remaining holdings to fall further.

So far, calls for alternative currencies have been seen as political posturing for both international and domestic audiences alike, but the United States. has a lot to lose if it ever turns into something more concrete.

That’s because the loss of reserve status means, among other things, that the United States would lose a crucial crutch that has allowed it to borrow its way into prosperity as well as out of depression with relative impunity. Foreign investment in dollar assets have helped keep a cap on interest rates even though the government’s borrowing binge in recent years has brought new meaning to the word stimulus.

In an op-ed published in the New York Times today, Warren Buffett railed against the flowing red ink that will push the nation’s debt to roughly 56 percent of GDP from 41 percent in this fiscal year.

Presumably this is something that has also caught the eye of foreign investors.

While the greenback is likely to stay on top for some years, persistent concerns about its reserve status and moves to diversify away from it could usher in a new era for U.S. borrowers, public and private alike — a more painful one where debt costs can no longer be offset by the kindness of foreign investment.


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Did I miss something, or did this article say absolutely nothing new?

Posted by bob | Report as abusive

Its quite possible in the long term that the US Dollar will lose its reserve status. The key to this paradigm shift shall be China and it alone.

The alternatives at this point of time are non existent.

Dont hold your breadth…

Posted by Reza Dole | Report as abusive

seems like you follow zerohedge too Agnes:-)

the $ will move away from reserve currency, within 6 months :-).

Posted by d&b | Report as abusive

An anti-climax!!! Was waiting for the technical analysis when it led me to nothing… not even a little poop : (

Posted by Dave Wang | Report as abusive

i read another article above reserve currencies not so long ago. Mind you it was maybe even here on

Well, the tune was not the same, notably about alternatives to USD as a reserve currency.
As for me, i hope that it changes…. Maybe for a meta-currency based on a basket of currencies ? The existing one from IMF maybe ?

Posted by Pierre | Report as abusive

Gosh — if someone really knew what was going to happen with the dollar — they’d be rich from currency trading (I’m a trader). I think a lot of people are emotionally invested in seeing the almighty dollar get knocked off its pedestal. Mainly because it does offer some unfair advantages to the US — especially during this time of crisis. So they want to topple the dollar and level the playing field. Reasonable enough. But, the unfair dollar advantage is exactly what will enable the US to recover ahead of everyone else — and that will reinforce the status of the dollar. For better or worse. So, take any emotionally-driven argument (from non-US folks) with a lot of salt. It’s unfair, but that doesn’t mean it will change any time soon.

Posted by NoName | Report as abusive

Those are pretty mean comments!
One thing you have to keep in mind is that sometimes these changes happen, not because things are ready for change, but rather because some power base wants it to happen. The Chinese, who value stability, could force a change almost any time they want if they see a sickly dollar.

The state of the US economy and infrastructure is declining faster than they dare tell anyone. Right now this country is living in about 1988 in the Soviet Calender. Something’s got to give soon and the currency will give first.

Posted by Javier | Report as abusive

ther is an alternativ buy GOLD or silver sell your dollars.

Posted by joshua | Report as abusive

the article is absolutely about nothing!

Posted by Vlad | Report as abusive

Dream on, Agnes. We’re not going the way of your little empire anytime soon.

Posted by Daniel | Report as abusive

Excuse my ignorance, but why is the euro not a viable alternative?

Posted by Peter | Report as abusive

D&B, I see you believe within 6 month? If you’re so confident, sell all your assets and bet against the dollar. I look at Agnes as being the predictor of weather. She’s will put her opinions out there with no accountability. Take a look at her past articles and those written by James Saft predicting the demise of the dollar. All a bunch of hot air.

Posted by kevin | Report as abusive

No alternative? Has Agnes Crane not heard of gold and silver? They are precious metals that are found in the earth not on a printing press.

Posted by Jerry Falsetto | Report as abusive

The article is old hat and doesn’t even point out that the dollar has been the reserve currency of the world only since the end of world war two. Before that the British pound was the currency of choice. It just looks like Americans need to wake up and smell the coffee, reserve currencies do change and it can happen unexpectedly.

Posted by Lee | Report as abusive

1. Why is everybody so obsessed with China ?
2. Why do people consider Russia, India and China as developing/emerging economies ?
3. We had the dust, then the oil, then the gold then the dollar standard – what next ? The hydrocarbon standard ?
4. Message to those freaks that carry on about artificial banking bonuses – join up, download some forex trading software, simply stay awake 24hrs, by 7, by 365 and arbitrate the currencies and let’s make even more money…Don’t forget, by 2020 we will supposedly only have +- 8 time-zoned currencies, depending how the hour-glass is tipped:

The Asian Dwang;
The Russian Freezer;
The Indian Tuk-tuk;
The Afro Disiac;
The Euro Bunfight;
the Atlantic Hurricane;
The Americas Dollar;
The Oceania Floater.

so you better hurry up for retirement

Then again, we are cowboys, not gun-slingers.

Posted by Trader Duke | Report as abusive

What the writer fails to understand that the IMF SDR will be the replacement as the reserve world currency which will include the USD and others and possibly GOLD. A reduction in the volume towards the USD is what will cause it’s fall and rightly so because NO country has ever survived the massive amount of printing and future printing needed by the OBAMA admin to keep hope alive.

Posted by brian | Report as abusive

No alternative? You must be joking…
There is a real alternative and it’s called: E U R O

Posted by Vladimir | Report as abusive

chinese will merge our currency with theirs in a big way before the end of the year, final transition will happen spring next year. Sorry I had to post this, but this November it will start to bleed out. I have my reasons. I know the bash emails will happen, but who ever listens and hears, will be prepared. It will be a surprise.

Posted by jeremy | Report as abusive

Yes, the dollar is in for a drop and the entire world will be impacted by the drop. Get out of dollar assets while you can.

The only alternative path is to restore the strength in the dollar with a reverse by congress, the Fed and the president to drastically cut spending and regulations in order to increase production and exports. But, at this time it doesn’t look like anyone is interested in this direction. In fact they are going in the other direction as fast as they can.

It will take a political revolution to save the dollar and the nation from national bankruptcy.

Posted by Curt | Report as abusive

Don’t worry abt the dollar losing its value. Since 90% of the US currency is tainted with cocaine, unless the drug lords stop dealing in dollars, the dollar will keep its strength so long as the US remains the top consumer of drugs in the world

Posted by haresh | Report as abusive

Agnes, what do you think about the Amero?

Posted by Aurorabelle64 | Report as abusive

The question of mopping up excess liquidity has been the long standing argument for almost a decade now. The past adminstration did what it can to make sure thatthe excess dollar reserves floating outside of the United States get back to all of its Central Banks all over the counrty. This was evident, as U.S. foreign investors started to rise a year after 911; as long and short term interest rates have been tampered with by policy makers as if the law of supply and demand for such monetary policy was just another “yoyo”. However such a development was not enough to prevent the threat of rising inflation as cost of living among Americans started to rise, i.e., housing bubble and its perceived “rippled effects.”
Our central banks have failed miserably to control the local monetary circulation w/in the U.S. economy. Conspicuous spending has been the common norm among Americans-from entertainment, to various types of investment, i.e., insurance, 401Ks, individual stocks, junk bonds and other debt instruments, etc..
Obviously, with such a state of frenzy, the U.S. dollar will have its downfall as far as its utility.
Until the United States once more attempt to successfully mop up such excess dollar circulation all over the world, our economy will continue its downward spiral-refer to deflationary situations during recessions, and its disinflationary effects (stimulus packages)that come as policy makers deemed it wise to go for another round of such “BS.” in order to satisfy unlimited wants form greedy foreign investors such China, Russia, India, France, Italy, Japan, as well as rich Arab nations with their Latin American counterparts.

Posted by A.R. Torres Jr. | Report as abusive

This mindset is very misguided and rooted in a gold-standard mentality. We are not on a gold-standard, nor a fixed exchange-rate for the dollar. Where did the world flock when all the financial markets were imploding last year? Gold went down, everything went down, except…the US Dollar. “Notwithstanding its big bounce during the financial maelstrom last year..” — no, you can’t discount that as it was the entire world showing their hand when the chips were down. The dollar is still the store of value for the globe, PIMCO be damned. PIMCO is a great marketing firm, but market forecaster? There is enormous pressure from the US on China to level their trade imbalance with the US. They will do this by purchasing US goods and services, which will cause the global “float” of dollars to shrink. The dollar goes up from here.

Posted by Richard | Report as abusive

Dollar will remain the world standard. To suggest that anyone would prefer a combination yuan+dollar, other than the Chinese, is ridiculous. China simply doesn’t have the clout to force this (not just on the US but the rest of the world). US is still more trusted in the world than China, even after the Bush administration’s best attempts to destroy all good will toward the US.

Posted by BK | Report as abusive

Though your assertions are valid, the core problem for the U.S. currency is not mopping up excess liquidity. One could argue that the core problem is our status as the global reserve currency. This status grants the dollar unsurpassed strength and that strength makes our exports less affordable overseas. Our trade deficits and budget deficits are symptomatic of an economy heavily skewed toward consumption. The dollar will collapse in stages and only the final stage will involve a new Bretton-Woods accord. The first stage will come when the global recovery shifts investors away from Treasury auctions and into foreign equities. To prevent a precipitous rise in interest rates that would cripple our erstwhile US recovery, the Fed will have to purchase bonds (print money). That will begin a spiral of inflation that marks the beginning of the collapse. As for mopping up liquidity, even with the Fed paying interest for overnight reserves, its ability to mop up liquidity is limited and the consequences unsavory given the current debt and looming deficits.

Posted by Liam McGlynn | Report as abusive

I have begun to notice a shift in American habits. Saving is looking more attractive than it has for decades. Even the wealthy are hesitant to spend on impulse. Those not so favored are just not buying. Everyone seems to be downsizing, waking from the trance of consumerism. I just hope this grows and overpowers the constant pounding of advertising. Its a slim hope I know, but I think it essential for our long term economic health.

Posted by Steven Doyle | Report as abusive

“Excuse my ignorance, but why is the euro not a viable alternative?”

Aren’t it and the Yuan also fiat currencies?


Nuff said,

Posted by Zoltar | Report as abusive

“Gold went down, everything went down, except…the US Dollar. “Notwithstanding its big bounce during the financial maelstrom last year..” — no, you can’t discount that as it was the entire world showing their hand when the chips were down. The dollar is still the store of value for the globe, PIMCO be damned.”


She didn’t discount it– but a bounce is still just a bounce. It wasn’t a “bounce back”– the dollar is still way off where it was a decade ago, hardly a “store of value”. People went to the dollar during a major crisis for two reasons– 1) because it still seemed a safer bet than other currencies, true, but also 2) because it was the only currency large enough to accommodate such a huge flight to cash.

And by the way, you’re absolutely wrong that “everything went down” except the USD. The Yen outperformed the USD during the crisis and the Hong Kong dollar gained 7% against the USD, and has kept it, and would doubtless have gained even more except that it is pegged (within a range) to the USD and is at the edge of the peg.

Posted by Mike | Report as abusive

i find it interesting that people confuse the recent flight to liquidity in the u.s. dollar with a flight to quality. as investors begin to figure out better ways to invest their money longer term, the current u.s. treasury bubble will prove to be the largest of our generation. the market for same may decline in an orderly fashion given global central bank interest in same, but history of bubbles would suggest otherwise. u.s. interest rates and inflation will probably increase materially in fairly short order, but their direction over the mid term is undoubted.

Posted by f/x | Report as abusive

The US dollar is losing its reserve status for several reasons-
1. Corruption in our markets similar to third world ‘banana republics’ that has been getting worse since the eighties. The latest looting by Wall Street during the financial crisis is typical.
2. The inability of the US military to project its power and intimidate. Iraq has shown the world that the US, spending nearly half its GDP on its military, can still be defeated by a much cheaper, but more determined enemy. The US cannot seize the world’s natural resources at its will.
3. Globalization and offshoring – American workers have little incentive to even learn the hard sciences and innovate, since most of these jobs offer little in compensation relative to the investment required. Millions of bright Chinese, Indian, and Latin Americans will soon surpass the US in innovation.

Posted by Bill | Report as abusive

What’s laughable is the politicians and bureaucrats thinking they can “create” a reserve currency. It’s investors and their belief in the stability in a currency that give it reserve status, creating it is impossible. The most they could do is create fake play money like the IMF does. And can anyone imagine the games they would play and damage they will do if they succeed. Central Banks have already introduced us to recessions, depressions, and unemployment, what’s next?

Neither am I a gold bug, although it may experience some demand as the USD loses it’s status, but we are too advanced a society not to realize that the value in a luxury metal is intrinsic as well. Best to stick with currencies backed by resource rich countries; in the end everyone always needs resources, and since in most countries the government control the resources, they’re as good as gold.

Posted by JOLLYROGER | Report as abusive

The Chinese simply lack the guts or the deep experience to displace the dollar, Japan’s statements of expressing trust in thedolar were just the propaganda for the Chinese to hang on. The poor Chinese, all that hard work, 2 trillion cash the promise of Deng Xiopings new openness, haha say hello to the screwballs in Wall Street and welcome to real capitalism. Germany has the experience to drive this anti USD motion. I would watch Germany not China. Without real leadership the USD will remain #1 for a few decades to come.

Posted by parth vasa | Report as abusive

The problem is we cannot compete with Asians who are devoted to stealing technology and dominating economically through poverty wages. It makes matters worse when Americans are the opposite.

Posted by Robert | Report as abusive

The Dollar may remain the world reserve currency *and* depreciate faster than other currencies. In other words, the dollar doesn’t need to lose its status for losing significantly its value. Just look back a bit – gold prices or (just an example) Swiss Franc: 1 Dollar was 4.25 CHF in 1971, 2 CHF in 1986, 1.5 in 2003, around 1 now…

Posted by G. de Montmollin | Report as abusive

Good morning from THE Banana Republic, where women are men and men are women. First of all, thanks for the laugh Haresh and Auroraebelle64. Refreshing in these impending doom times. I forgot about the Middle East currency ? Brian is correct about my ignorance, what is the difference between a standard, a reserve currency and a dominating currency ? Where does platinum feature ? Bananas ? I am sure the US is heavily invested all over the World. Who balances the World books ? The god of green ticks ?

Posted by Trader Duke | Report as abusive

If people cant trust the U.S. Govt, how can they possibly have trust and confidence in its currency?

Posted by Zuma | Report as abusive

Interesting, very interesting indeed.

Posted by InSightful | Report as abusive

There is no other currency as liquid and flexible as USD.
EUR don’t come close to USD neither in volumes nor in variety of credit and hedging products. In reality EUR only backed by Germany and somewhat France while it supports the long list of weak/small economies in Europe etc.

Yen is weak because Japan already borrowed well over 100% GDP.

China yuan is not free trade currency and lack any financial infrastructure.

Russia also don’t float RUB and it is as stable as price of barrel of oil. Russia has oil only for next 7-15 yrs.

Unfortunately for US there is no alternative to USD.

But I don’t see that status World Currency gives USD give US any benefits.

1. It doesn’t give US more borrowing power. UK, EU are able to borrow as much as US if measure in % from GDP

2. When US GOV bailed AIG it bailed all AIG client including wast number of foreigners clients.

3. Huge number of US bonds overseas make US economy very sensitive to foreign manipulations. China black mails US.

Today US carries responsibility to stabilize World monetary system rather than World helping US with economical trouble.

I love to see IMF rushing to help US to stabilize USD.
US would get huge credit of IME (‘International monetary equivalent’) at little or no interest while everybody else struggle maintain IME and IMF afloat.

But it doesn’t work this way. Many countries owns tons of products from Freddie and Fannie…
US nationalized AIG, Freddie Mac and Fannie May effectively stabilizing number of foreign governments.

US once more saved the World and nobody said thanks.

Lets move back to Gold standard or forward to ‘International monetary equivalent’.

Posted by Sergey | Report as abusive

This article is the formost idiotic one i ever read. Or is it that Agnes Crane is being paid by the cartel( i mean the FED)? USA FED(the cartel of fiat money,quoting Chuk from the daily pfennig)was given until november to get straight with the money printing or else. BRIC nations gave the dead line. Listen folks, do not pay attetion of what you hear from the so called “economist” or “commentators”. Just look around and see what is going on. People loosing their jobs, loosing their houses, cars; how many States are failing?, who is getting fat bonuses?, cash for clunkers is a fraud, all goverment statistics are murky. The fact is that the FED is printing money like crazy that is why the world is mad at. And also You should be prepared for what is comming. Banks are secretly buying gold, Central banks of the world are buying it also. For average people like me, silver is just fine. Read honest economist like CHUCK BUTTLER in the “daily Pfennig”, or Bill Bonner in the “daily reckoning”. Howard katz “the goldbug” or at least the “mogambo guru”.

Posted by europo americo | Report as abusive

Look at the gold chart and you all will see there is no debate as to the direction of the monetary markets. Then realize the convergence I’m seeing right now.

Here is the chart: 090819weeklytriangle.gif

If a chart on ANY other sector looked like that, then every trader/investor in the universe who knows how to look at a chart would be jumping all over it. But Gold is still not the focus of the masses nor on financial TV. Nor in the Wall Street (tool of the puppet masters)Journal. IMO, hockey moms and joe sixpack still have no clue. I don’t think for one second that these are the people who cleared out all the gold/silver dealers. These people do not run Cash4Gold. I’ve even seen ads to buy your used cell phones, etc. FOR THE METAL CONTENT. How much of the metals can be in each phone? I mean, really, those in the know are desperate to take in as much precious metal content as humanly possible.

Now for the convergence part.

What we have is: Chart/Mindset/Time Frame/USD dilution

A: Chart- An astronomical inverse H&S

B: Chart- What looks like a double bottoms @875 and @930 after the inverse H&S. These are rising double bottoms.

C: Mindset- The big boys are surely focused on it but making sure the masses are not.

D: Time Frame- What time of year is it??? Historically, what do precious metals do in June/July? Yup, they make a low. What do they do in September? That’s right, they rise. What do they do from September through December? Uh huh, they form a peak. In the last nine years, this is what they have done almost without fail. I would say that if this chart formation was happening in Feb/March, then highly likely to break down. This is not Feb/March.

E: USD, there’s more of it. Gold, there’s less of it. And that trend continues.

A convergence of these facts point to higher, not lower POG and related investments. This is not to say that an intervention of some sort in the markets could not destroy the scenario. This we don’t know. Until then, I suggest investing on the facts as laid out above with, as always, a safety net.

As a side note, don’t believe for ONE SECOND that China will not dominate. He who has the biggest pile of cash wins. Guess who that is? The old timers and Fox News devotees will not see it coming. The thought of the US dropping to 2nd or 3rd in the world is beyond their comprehension even though the facts are right in front of us. China has the US by the Cajones as we speak. The US has not gone head to head with a major country since WWII. It can not and will not attempt direct conflict with China or Russia. Just check out the last side show. Iraq. A country that was incapable of getting one jet fighter off the ground when it was invaded by a country it did not attack. A band of relatively poor Muslims are succeeding in dragging the US into conflicts that it cannot win. It succeeded in attacking the US on it’s own soil using no more than patience, airline tickets and a knowledge that the US was too lazy to be prepared. Four airliners go off course for more than 30 minutes and no scramble by the US military to intercept. The Brits and Israelis have had armor plated and locked cockpit doors for decades. If the US had had this preventative measure in place, the hijackings would never had occurred. Why rehash this stuff? Because these are signs of a country in a downward spiral, not signs of strength. I sadly say this as a US citizen, but reality must be faced and I must admit the US has dug it’s own hole. End of rant.

Posted by CG | Report as abusive

2008 World nations by nominal GDP (USD millions):

Japan: 4,840,000

China: 4,200,000

India: 1,237,000

Germany: 3,820,000
France: 2,978,000
England: 2,787,000
Italy: 2,399,000
Spain: 1,683,000
-Total- 10,967,000

USA: 14,330,000

The Yuan as a reserve currancy? Pffff.

Posted by Hmmm | Report as abusive

Excellent accounting, short and sweet ! Does that include foreign GDP ? Also, please no supra-currency, only consolidated time-zoned currencies! Now we need to cap all arguments with Purchase Power Parity

Posted by Hour glass | Report as abusive

I’m thinking that a Japanese type scenario is still possible: with the US trying to inflate itself for decades! Yes decades out of debt and deflation. I struggle to see that any US president will allow retail sales to slump – to such an extent that it will take away the excess in the US economy: $2 trn. of junk companies.

I feel the US is heading the same way as Japan: right into a debt trap. Now what happened to the Japanese currency? It was traded up and down by currency speculators. Yet its value never recovered. And neither could the Japanese show consistent growth or a persistent rising stock market. I think this is possible. Very possible. Much like someone that is in heavily in debt, yet only survives from month to month. With spending spikes now and then.

Posted by Nasdaq7 | Report as abusive

I keep reading articles like this which still seem to use the same old tired arguments concerning dollar status. This is very disappointing. A possible look at the real prevailing strategies used by China and other creditor nations easily reveals that the dollar has many enemies:

* According to a MarketWatch article, China has pulled all her gold bullion holdings from London and is moving them to a new high Security location near the airport in Hong Kong. This may be China’s own attempt to start her own bullion market in the Far East. This action also clearly restricts and damages the London Bullion Market’s gold leasing capabilities. The Gulf States have also done the same.

*China kicked off issuing her own Treasuries on Sept 28 of this year. These bonds are a direct competitor to US Treasuries.

*The Chinese govt is now discreetly buying gold from her own gold mines after suddenly becoming the largest producer of gold in the world.

*The Chinese people can now buy as much gold and silver as they like — all 1.3 billion of them. This is being heavily promoted by the Chinese govt.

*The Chinese govt is slowly buying gold on th markets. Every time the uS govt dumps dollars onto the gold markets, China just buys gold safely in the dips with her dollars. Therefore, the US has lost control of the gold price and has therefore lost control over dollar value. The Chinese are now in control of the greenback.

* China appears to be returning to a partial gold standard. If China controls the gold markets as well as backs her Yuan with gold, the strength and stability of the Yuan will be untouchable and unassailable when compared to other world fiat currencies.

*China’s own sovereign wealth fund — China Investment Corporation(CIC) — has spread its investments out rapidly and very effectively, investing around the world mainly in extractive commodity industries. The CIC has alot of weight to throw around — $300 billion — and, amongst others, has been investing heavily in the oil and precious metals markets. Effectively, China’s CIC fund is dumping dollars for gold and other more worthy hard asset investments now.

*It appears that other world central banks have also begun buying gold now, as a hedge against the China gold plays.

*Recently, in an UK Independent article called “The Demise of the Dollar”, the countries of China, Russia, France and the Gulf states all openly announced that they would be dumping the petro-dollar for the euro. Iran will also be doing the same.

In terms of economics and the markets — particularly pertaining to the adverse affects on the dollar — these are certainly not trivial economic events.

If the author would bother to actually research what’s really going on with the dollar, she could perhaps put 2+2 together and form a believable opinion. I’m not saying that all this will happen quickly, all I’m saying is that the dollar is well on its fading way, and will probably end up, after some years, as merely a regional currency amongst equals as opposed to being the top dog currency.

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